Modiin Energy- Limited Partnership (TASE:MDIN.L) signed a letter of intent to acquire 24.75% stake in oil and gas rights in well located in California for $3 million on February 11, 2016. The initial costs of the project is of $9 million, of which $2 million will be spent as research activities, $6.15 million will be spent as drilling activities, $0.35 million will be spent on future rights acquisition, and the geological, geophysical and management activities will cost $0.5 million. The consideration is 33.33% of the initial cost, amounting to $3 million. The purchase includes exploitation and exploration rights. The parties will jointly operate by exploring and extracting oil and gas. On February 24, 2016, Modiin Energy- Limited Partnership will acquire 24.75% rights of oil and gas in a well located in California for $0.15 million. In addition to the consideration, the Partnership will finance 30% of the expenses related to research, of which the total is expected to be about $2.4 million. The transaction is subject to the completion of a due diligence, a farm-out agreement for future representations in future acquisition of rights in the area, the signing of a definite agreement and approvals from the shareholders of the parties involved. Completion is subject to the rights holder on the land where the Project is located, and the renewal of part of the exploitation agreements on the zone. The deal is expected to close on April 15, 2016. The parties entered into an agreement on March 4, 2016. Modiin Energy- Limited Partnership (TASE:MDIN.L) completed the acquisition of 24.75% stake in oil and gas rights in well located in California on November 29, 2016.